Toshiba signs £26.4 billion deal for TMC sale

Toshiba has confirmed that it has accepted an offer for its recently spun-off Toshiba Memory Corporation division which will see a consortium led by Bain Capital paying around 2 trillion Yen (approximately £26.4 billion) for the entire company, while Toshiba itself will invest back 350.5 billion Yen (approximately £4.63 billion) into the resulting company, Pangea.

Earlier this month Toshiba announced a memorandum of understanding (MOU) with Bain Capital as the leader of a group of investors understood to include SK Hynix and Apple. Now the company has inked a deal which will see Toshiba Memory Corporation sold to the consortium wholesale for around £26.4 billion with Toshiba reinvesting around £4.63 billion of that back into the newly-formed holding company Pangea, leaving TMC itself divorced from Toshiba proper.

While Toshiba plans to have the deal completed by March 2018, though, Western Digital's legal moves to block it continue - which may yet derail the process and prevent the cash injection Toshiba so badly needs.